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Deputy Defence Minister Senior Lieutenant General Nguyen Chi Vinh (Photo: VNA) London (VNA) – Vietnam and the United Kingdom (UK) have agreed to step up defence cooperation, Deputy Defence Minister Senior Lieutenant General Nguyen Chi Vinh has said. He made the statement during an interview with a London-based Vietnam News Agency correspondent during his working visit to the UK to attend the first Vietnam-UK Defence Policy Dialogue from November 27-30. The dialogue took place with the countries celebrating the 45th anniversary of their diplomatic relations, he said, adding they have seen positive developments in policy dialogue relations after signing a deal on defence collaboration in 2011. In addition, bilateral defence ties have been elevated to a level commensurate with the strategic partnership between the two nations, he stressed. Touching on cooperation between the two militaries, Vinh said that they have exchanged high-level delegations to study defence policies in … [Read more...] about Vietnam-UK defence ties consolidate global peace, stability

The retail banking segment has contributed significantly to the national bank system’s revenue this year. At some major banks in Viet Nam, the segment has contributed more than 40 per cent of total revenue. The information was released during the Viet Nam Retail Banking Forum 2018, themed “Optimising Retail Banking Channels in the Branch Network, Adapting to the Digital Age”, co-organised by the Viet Nam Banks Association (VBA) and IDG Viet Nam from November 28-29 in HCM City. The event brought together banking, financial experts and leading technology experts to work towards solutions to help bank branches optimise services and attract more customers with the aim of ensuring sustainable development. In recent years, Vietnamese banks had focused on the retail sector, a step in line with the current development trend and the State Bank of Viet Nam’s policy, VBA general secretary Nguyen Toan Thang told the forum. Furthermore, with non-cash payments trending along … [Read more...] about Retail banking boosts sector’s income

Viet Nam News HÀ NỘI — The State Bank of Việt Nam (SBV) has required credit institutions and branches of foreign banks in the country to limit cash withdrawal at their automatic teller machines (ATMs) at night. A written request issued last week asked the institutions and branches to consider lowering caps on ATM withdrawal from 11 pm to 5 am to minimise potential risks for the banks and their clients. The agencies should also adopt monitoring measures to warn their cardholders about risks, basing on analysis of behaviors and habits, and geographic locations of their clients. They are also required to strictly comply with the SBV’s laws and regulations while enhancing internal inspections and audits of card payment activities, both in number and quality. SBV also told them to review all procedures for card payment activities and fully carry out risk prevention measures in each stage in a bid to prevent crime. They also should make their clients … [Read more...] about Banks required to limit ATM withdrawal at night

Central bank urges ATM withdrawal limits at nightThe Saigon Times Daily Clients withdraw cash at ATMs of Vietnam Prosperity Bank, or VPBank – PHOTO: VNA HCMC – The State Bank of Vietnam (SBV) has asked credit institutions and banks to impose limit on cash withdrawal at their automatic teller machines (ATMs) at night, in a bid to protect themselves and their clients. In a written request to local credit organizations and branches of foreign banks on Tuesday, the SBV asked credit institutions to take preventive measures in card payment activities. The SBV told the agencies to strictly comply with the laws and regulations of the central bank, as well as strengthen the internal inspections and audits of card payment activities, both in number and quality. Such agencies should review their entire procedures of card payment activities, and fully carry out risk prevention measures in each stage, in a bid to prevent crime. They also should make their clients more aware of … [Read more...] about Central bank urges ATM withdrawal limits at night

A range of indicators recorded in the first six months of 2018 demonstrated the booming Vietnamese economy. Its gross domestic product (GDP) grew 7.1 percent year on year, the fastest since 2011. The output of Vietnam’s manufacturing sector increased 13.1 percent on year. According to QNB analysts, the manufacturing boom fueled exports to annually surge 20 percent in the period compared to the 17 percent increase posted for the entire 2017. Vietnam's GDP grew 7.1 percent year on year, the fastest since 2011. Photo: chinhphu.vn The bank attributed manufacturing and export success to Vietnam’s ability to attract a large volume of foreign direct investment (FDI) into sectors like garment, footwear and electronics. FDI inflows in the Southeast Asian country also boomed, with total value estimated at 13 billion USD in the first half of this year, an annual increase of 11 percent. The GDP figure for 2017 was about 220 billion USD, according to the latest data … [Read more...] about Qatar National Bank names Vietnam as Asia’s newest ‘tiger’ economy

Until July 2018, VNCERT has acknowledged many forms of intentional attacks of hackers against information systems of certain banks and essential infrastructure in Vietnam. In these cases, hackers have done thorough research on their victims before carrying out ingenious contrivances via high-tech methods to deceive information security systems of banks and critical infrastructure. By doing this, they are able to take full control of victims’ computers, after which they can attack others in the local network. The result is a leak or even a loss of confidential information. Because of the high-tech methods being used, it is extremely difficult for security systems to detect or eliminate actions of these hackers. This has helped them to maintain their secretive control for a long time. Mr. Nguyen Khac Lich, Deputy Director of VNCERT, affirmed that the discussed malware is terribly dangerous since it is able to steal various kinds of information while simultaneously destroy attacked … [Read more...] about Malware intentionally attacking national banks and critical infrastructure in VN

ACV seeks funding for local airports from Canadian bankBy Le Anh ACV General Director Le Manh Hung (L) exchanges the signed MoU with a representative of the National Bank of Canada - PHOTO: ACV HCMC – The Airports Corporation of Vietnam (ACV) on June 8 signed a memorandum of understanding (MoU) with the National Bank of Canada on technical support required to enhance the management of, investment in and use of airports in Vietnam. The signing ceremony took place at a Vietnam-Canada business roundtable discussion in Canada attended by Prime Minister Nguyen Xuan Phuc. According to a source from the Ministry of Transport, apart from signing the MoU, the head of ACV introduced the Canadian partners to projects involving the upgrade of existing airports and building of new ones across the country, including Long Thanh International Airport. ACV plans to seek overseas investment to build this airport, after selecting a potential research consultant at the beginning of this … [Read more...] about ACV seeks funding for local airports from Canadian bank

Australian bank ANZ has sold its majority stake in a Cambodian joint venture to Japanese financial firm J Trust as it shifts focus away from Asia and onto core assets. Australia's ANZ bank exits Cambodian joint venture, Picture: AFP/ Torsten Blackwood. The Australian-listed company said late Thursday it would continue to own its 55 percent stake and manage the joint venture -- ANZ Royal Bank -- for up to 12 months as it transfers the business to J Trust. The bank has already divested its retail and wealth management arms in six Asian countries, and recently completed the sale of its stake in Shanghai Rural Commercial Bank. "The sale is in line with our efforts to exit minority investments and partnerships to focus on our institutional business in Asia," ANZ group executive for its international arm Farhan Faruqui said in a statement late Thursday. ANZ did not reveal the value of the deal but said it would record an estimated loss of Aus$30 million (US$22.5 million) after … [Read more...] about Australia’s ANZ bank exits Cambodian joint venture

The trend of foreign financial institutions withdrawing capital from their Vietnamese joint ventures has raised questions about the country’s state of financial stability, but experts claim the situation is no cause for alarm. Since early to mid 2017, well known international institutions such as France’s BNP Paribas, Hong Kong’s HSBC and Australia’s Commonwealth Bank have attracted media attention as they took turns withdrawing money from their Vietnamese partners. The trend continued with ANZ’s sale of their retail sector in Viet Nam to Shinhan Bank’s Vietnamese branch in December 2017. US Standard Chartered Bank sold its entire 8.75 per cent stake in a joint venture with Asia Commercial Bank (ACB) in January 2018. The main reason for a number of international banks’ narrowed operations in Viet Nam, according to some experts, is an inevitable change in their business strategy. These banks consider maintaining previous investments less … [Read more...] about Foreign banks’ withdrawal no cause for concern

Bank of America Corp on Saturday became the latest financial heavyweight to take aim at gunmakers, saying it would ask clients who make assault rifles how they can help end mass shootings like last week’s massacre at a Florida high school. Bank of America, the second-biggest U.S. bank by assets, said its request to makers of the military-style weapons was in line with those taken by other financial industry companies to help prevent deadly gun rampages. “An immediate step we’re taking is to engage the limited number of clients we have that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility,” the Charlotte, North Carolina-based bank said in a statement. It did not name the clients who make assault rifles. The weapons have been widely used in U.S. mass shootings, including the one on Feb. 14 that killed 17 people at Marjory Stoneman Douglas High School in Parkland, Florida. The Bank of America … [Read more...] about Bank of America takes aim at gun-making clients